(Oct 1): Pfizer Inc has raised about £2.4 billion (US$3.2 billion or RM13.3 billion) from the sale of Haleon plc shares, as it further reduces its stake in the UK consumer health company. 

The US pharmaceutical firm increased the number of shares to 640 million from 540 million after the sale had begun, according to terms of the deal seen by Bloomberg News. The oversubscribed offering was priced at £3.80 per share, a discount of about 3.3% to Monday’s close, according to a statement on Tuesday.

Separately, Haleon agreed to buy around £230 million worth of its shares from Pfizer at the price set in the offering. 

Haleon shares traded 0.5% lower on Tuesday morning in London, at £3.91 each.

The company was formed from a combination of GSK plc and Pfizer’s consumer-health units. The latest transactions reduce Pfizer’s stake in the maker of Panadol pain relief tablets and Centrum vitamins to 15% from 22.6%.

The deal adds to more than US$50 billion in sales of new and existing shares in European listed companies this year, a 2.3% increase on the corresponding period in 2023, according to data compiled by Bloomberg.  

In March, Pfizer began trimming its ownership of Haleon, selling more than £2.8 billion worth of shares and American depositary shares (ADS) in the company. The US firm is not selling any ADS in the current offering, the statement showed. 

GSK has also sold down its holdings of Haleon, completing its separation from the consumer health company in May with share sales raising nearly £4 billion in total.

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